As bitcoin (BTC) prices remain unchanged and the decentralized finance (DeFi) industry struggles to emerge from the bear market mindset, cryptocurrency traders are using an unusual strategy to earn gains. Using a blockchain-based platform called Hamsters.gg, users may wager on actual hamster races, generating interest and participation in the cryptocurrency community.
Hamsters.gg’s idea is simple yet engrossing. Users may make real wagers on the results of races in which actual hamsters compete on a track. Popular hamster racers, including “Rocky” and “Buster,” are already drawing sizeable bets, with some wagers reaching $500 each race. At least 1,000 viewers participate in the chatbox conversations throughout the event, which attracts a sizable audience. The chatbox dialogues include virtual beer and hotdog emojis.
The success of these unusual betting sites may be ascribed to the interest in gambling chances and memecoins among cryptocurrency dealers. During the last bull market, the popularity of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) accelerated the trend. Additionally, the quick issuance, supply of liquidity, and trading of tokens are made possible by the simplicity with which they can be created on Ethereum and other blockchains and by the availability of decentralized exchanges.
Some of these betting platforms and tokens, such as Pepecoin (PEPE), have achieved amazing success and huge market capitalization, developing into big ventures. However, many of these betting platforms and tokens tend to disappear within a few weeks.
Early in July, Hamsters.gg, which recently broadcast races live on Twitch, was created. It enables wagering using the U.S. dollar-pegged Binance USD (BUSD) via deposits through Ethereum or BNB Chain. The network provides a native cryptocurrency called HAMS, and in a short amount of time, its value has drastically increased, boasting a market capitalization of over $6 million. According to on-chain statistics, each HAMS token is presently trading for 60 cents, an incredible rise of 1,000% from its value on Thursday.
A further incentive for investors is provided by the platform’s 5% cut of all wagers, of which 4% is delivered to HAMS token holders.
The creators of Hamsters.gg see this innovative hamster betting site as only the beginning. They stress that they have been tirelessly working on the project for more than three months as they demonstrate their dedication to long-term development and scalability. The platform’s expanding user base and flourishing ecosystem prove to the value of cutting-edge betting options in the cryptocurrency industry.
